A regulatory update in the U.K. is giving crypto stocks a boost
Crypto-related stocks are on the rise today, as Bitcoin (BTC) continues to surge, earlier hitting a record peak of $72,398. The pop came after the U.K.'s financial regulator said it will now allow recognized exchanges to list crypto-backed exchange-traded notes. Both Coinbase Global Inc (NASDAQ:COIN) and MicroStrategy Inc (NASDAQ:MSTR) are soaring in response.
Coinbase stock today received a lofty price-target hike from Jefferies to $245 from $160. At last check, COIN was up 4.9% at $267.83, and hit a two-year high of $271.65. The equity is up roughly 400% in the last 12 months, and pacing for its seventh daily gain in the last eight sessions.
MicroStrategy stock is faring even better, up 14.4% at $1,631.00 at last glance after hitting a record high. Up nearly 60% since the start of this month, MSFT is up almost 160% so far in 2024.
It's also worth noting that while shorts have been covering their bets, there's plenty of pessimism left to unwind. Short interest represents 8.6% of COIN's available float, and 20.1% of MSTR's.